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On-Chain Real Estate Startup Propy Raised $1.2M in Draper-Backed Round
The real estate digitization platform aims to raise $1.7 million.
Von Danny Nelson
Blockchain-based real estate startup Propy raised at least $1.2 million in a recent funding round that included Tim Draper and Michael Arrington.
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- Propy, which seeks to digitize the real estate transaction process, said in Sept. 15 SEC filings it still intends to raise an additional $500,000 for a total round of $1.7 million.
- “They have thought through the entire transition from an antiquated system of real estate, from sale to title, to a blockchain based automated one,” Draper told CoinDesk.
- The serial tech ventures investor did not answer CoinDesk’s questions regarding his stake in Propy.
- Second Century Ventures’ REACH incubator and Escrow Agent Japan also joined Draper and Arrington in the round.
- “Nobody believes transaction automation can happen any time soon, but our backers bet on this opportunity now," Propy CEO Natalia Karayaneva told CoinDesk.
- TechCrunch previously revealed Draper’s involvement but left the round’s size a mystery.
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
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- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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